Physicians Insurance Company of Wisconsin Inc. will merge with ProAssurance Corporation in an all stock deal worth $100 million.
The companies said the transaction is expected to be completed as early as mid-2006, subject to the approval of PIC Wisconsin's shareholders and other regulatory requirements.
PIC Wisconsin is a medical liability insurer based in Madison, Wis., founded 20 years ago by the Wisconsin Medical Society. According to National Underwriter's HighlineData Service, the company reported net written premium of more than $57 million in 2004, with total assets of $278 million.
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